U.S. Electric Vehicle (EV) Market Size - By Vehicle Type (Two-wheelers, Passenger Cars, Commercial), By Battery Type (Sealed Lead Acid, Nickel Metal Hydride, Lithium Ion), Propulsion Type, Price Range, Drive Type, Range, Forecast 2023 – 2032

U.S. Electric Vehicle Market Size

U.S. Electric Vehicle Market size was valued at USD 49.1 billion in 2022 and is anticipated to register a CAGR of over 15.5% between 2023 and 2032. Driven by rising need for efficient & eco-friendly vehicles. The adoption of commercial EVs in public transportation to reduce environmental pollution will further bolster the market development.
 

Companies, associations, and government agencies are seeking ways to reduce their carbon footprint by complying with stringent emission regulations. Electric Vehicles (EVs), particularly those powered by electric or alternative fuels, offer greener & more eco-friendly transportation solutions. By adopting these vehicles, businesses can demonstrate their commitment to sustainability and gain a competitive edge in the market.

The high purchasing cost of electrical vehicles and investments in setting up charging infrastructure are major concerns hindering the U.S. electric vehicle market growth. Electric vehicles have huge benefits; however, there are several concerns regarding battery charging time, driving range on a full charge, and many more, which have been diminishing through continuous R&D by manufacturers over the past five years.
 

COVID-19 Impact

During the COVID-19 pandemic period, the U.S. market showcased minimal growth in EV sales. The initial phase of the pandemic disrupted existing production and even the suspension of supply chain operations. This hampered the production capacity expansion along with the shortage of semiconductors for automobiles. Despite such measures, the U.S. recorded a slight increase in EV sales compared to the previous year 2019. This factor showcases that buying behavior for electric vehicles was not impacted. As the pandemic started easing, the sales and supply chain of the U.S. EV business witnessed growth at a moderate speed.
 

U.S. Electric Vehicle Market Trends

U.S. EVs majorly leverage on battery type and propulsion type. These are the major factors that impact the buying behavior of customers as they affect emission ratios and the battery life of vehicles. The efficiency and dependency on fossil fuel will reduce by respective PHEV, HEV & FCEV types of electric vehicles. In addition, EVs emit lesser amounts of toxic gases when compared to IC engine vehicles. This has prompted various U.S. public transportation agencies, such as Sound Transit and Maryland Transit Administration, to expand their usage of electric vehicles for public transportation.
 

U.S. Electric Vehicle Market Analysis

The battery electric vehicle segment held a major share of the U.S. electric vehicle market in 2022. BEVs are associated with zero emissions as they operate completely on battery, thereby reducing air pollution. This type of vehicle has fewer moving parts and encounters lower operating costs with zero noise pollution. However, they can be charged at home using standard electrical outlets or dedicated charging stations, thus eliminating the need for visiting gas stations. The fuel cell electric vehicle market size is predicted to surpass USD 30 billion by 2032, propelled by the rising adoption of electric vehicles globally.
 

The passenger cars segment captured around 84% share of the U.S. electric vehicle market in 2022. The ever-increasing demand for faster, more efficient, and more reliable vehicles is propelling the two-wheelers segment growth. For instance, in December 2022, the National Association of City Transportation Officials (NACTO), an agency to exchange transportation ideas between transit agencies and 96 major cities of North America, reported that e-bikes are booming due to the rising demand for micro-mobility systems and are providing crucial options for essential workers. Similarly, the U.S. has been the second-largest e-commerce market, and this has increased the demand for last-mile delivery solutions.
 

The California EV market generated USD 18.2 billion revenue in revenue in 2022. California has the presence of cultural & technological hubs, such as Los Angeles and San Francisco, where new trends & technologies are often adopted quickly. Moreover, gasoline prices in the state are often higher than in other states, and thus the adoption of EVs is appealing in terms of cost-saving benefits. In addition, the California Ambient Air Quality Standards (CAAQS) has formulated stringent rules and standards compared to the national standards. This has made Californians tend to be more environmentally conscious and consider buying electric vehicles.
 

U.S. Electric Vehicle Market Share

Major companies operating in the U.S. electric vehicle market are:

• General Motors
• Audi
• Kia Corporation
• Renault Group
• Ford Motor Company
• Nissan
• Volkswagen
• BMW
• Mercedes
• Stellantis
• Honda Motor
• Hyundai
• Tesla
• Rivians
• Daimler Truck AG
• Isuzu Commercial Truck of America, Inc.
• Paccar
• AB Volvo
• Giant Trek Bicycle Corporation
• Scott Sports SA
• Alta Cycling Group
• Electric Bike Company
•  Rad Power Bikes Inc

. These major companies are emphasizing strategic partnerships, launching new products, and making significant investments in research to drive market expansion. Their primary goal is to introduce innovative products and generate substantial market revenue through effective commercialization efforts.
 

U.S. EV Industry News:

• In February 2023, the U.S. Federal Register of the National Archives and Records Administration (NARA) established regulations to set minimum standards for the construction of publicly accessible Electric Vehicle (EV) chargers. These regulations will enhance the installation, operation, and maintenance of EV charging infrastructures. Furthermore, this move will support the usage of electric vehicles across the country by offering better electric charging infrastructures.
   
• In March 2022, Volkswagen Group of America invested USD 7.1 million to diversify its electric vehicle product portfolio in North America. This investment will help the company to expand its EV portfolio by adding 25 new BEVs in the U.S. by 2030 and this addition is expected to double the market share of the company.
   

This U.S. EV market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and shipment (Units) from 2018 to 2032, for the following segments:

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By Propulsion Type

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

By Vehicle Type

• Two-wheelers
  • Motorcycles
  • E-bikes
• Passenger Cars
  • Sedan
  • SUV
  • Hatchback
  • Others
• Commercial Vehicles
  • Light
  • Medium
  • Heavy

By Drive Type

• Front-wheel Drive
• Rear-wheel Drive
• All-wheel Drive

By Battery Type

• Sealed Lead Acid
• Nickel Metal Hydride (NiMH)
• Lithium Ion

By Range

• Less than 100 km
• 100 km-200 km
• 200 km to 300 km
• Above 300 km

By Price Range

• Below USD 10,000
• USD 10,000 to USD 30,000
• USD 30,000 to USD 50,000
• Above USD 50,000

By End Use

• Personal
• Commercial
  • Government
  • Private

The above information is provided for the following states:

• U.S.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming